Reliant Energy pays $68 million

Reliant Energy today agreed to pay $68 million to settle a shareholder class action:

HOUSTON (AP) — Electricity provider Reliant Energy Inc. said Friday it agreed to settle all shareholder class action lawsuits related to alleged securities laws violations for certain trading activities that took place between 1991 and 2001.

The suits were consolidated in the U.S. District Court in Houston. Under terms of the settlement, which is subject to court approval, Reliant will pay $68 million, of which $61.5 million is covered by Reliant’s director and officer insurance policies.

The company said it will make a $6.5 million cash payment and pay certain legal costs. In addition, Deloitte & Touche LLP — another defendant in the litigation — has agreed to pay $7 million, bringing the total value of the settlement to $75 million.